5 essential budgeting tips for a stress-free financial future

Isang buwan na lang, matatapos na ang 2024 pero wala ka pa ring nati-tick off sa concert bucket list mo? Pati ba sa Grand BINI Verse ay hindi ka nakapunta dahil walang sapat na savings? Paano na iyan, parati ka na lang bang hanggang “salamin, salamin sa dingding nas’an na ang budget natin?”

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At the Stakeholders’ Education Expo, a striking fact was shared: according to the World Bank, only 25% of Filipino adults had basic financial knowledge as of November 2022 (Unijeng, 2024). This low level of financial literacy often leads to instability and recurring financial dilemmas, like missing bill payments due to a lack of savings, overspending on non-essentials before securing priorities, or drowning in debt because an individual has maxed out their resources.

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Fear not— kayang-kaya pang baguhin ito. Like any skill, financial literacy can be learned.

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Let us start with these 5 essential budgeting tips to set you up for a stress-free financial future:

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1. Identify your financial goals

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Your goals do not need to be grand or long-term right away. Hindi mo kailangang simulan agad sa investments, insurance, o retirement funds. It could be as simple as wanting to attend a concert!

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Everyone’s goals are different, so take it easy. Start with goals that suit your personal circumstances. Achieving these smaller goals helps you build healthier financial habits that you can use in the long run (Suknanan, 2024).

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2. Lay out your budget

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Now that you have set your goals, what is your budget?

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Say, you want to see the famous “Gangsta sa Manila, kuya sa pamilya,” Maxie, live in concert, magkano ang kaya mong i-set aside? VIP, gold, or general admission? Figure out how much disposable income you are willing to allocate without breaking the bank.

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Kung anuman ang piliin mo, remember to stay within your means. Learning how to discipline yourself when it comes to finances does not only allow you to budget for extra spending but also empowers you to be accountable for your financial well-being (What “living within your means” really means, n.d.).

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3. Spend wisely

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Ready to make that concert dream happen? Start saving!

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Stick to your plan and resist the urge to splurge on things you do not need, like that viral lippie, tank top, or another trendy TikTok find. You already have three of these anyway! Tiis-tiis ka muna sa paggasta ng pera sa mga bagay na hindi mo pa kailangan at hindi kasali sa financial goals, which you set for yourself in step one.

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Help yourself achieve these by spending wisely. Take charge of your finances by prioritizing your obligations: pay your dues first, ensure you have enough for food and other essentials, set aside savings, and enjoy your “deserve ko ‘to” moments— one ‘luho’ at a time.

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Remember, financial responsibility leads to more rewarding experiences.

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4. Track your spending

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Spending wisely is important but so is tracking where your money goes. Having a clear view of your expenses ensures you are sticking to your budget.

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You do not have to go crazy and use a spreadsheet or budgeting applications right away. A simple note on your phone can work wonders. Tracking your expenses helps you spot areas where you might have overspent— or better yet, saved extra! Bonus: that extra cash could go toward upgrading your concert seat!

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5. Remind yourself of your financial goals

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Finally, revisit your goals. Remind yourself why you are budgeting, spending wisely, and tracking every peso in the first place.

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Staying focused and motivated helps you appreciate the reward, whether it is singing your heart out at a concert or achieving a bigger milestone. Plus, you have proven to yourself that, “Uy, kaya ko naman palang mag-budget! ‘Di naman pala gan’ong ka-stressful.”

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See?  Financial literacy is not as hard as it seems. Learning it starts with one simple goal. Kung ang concert nga ay kaya mong pag-ipunan, mas lalo pa ang magandang mong kinabukasan!

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Achieve a stress-free financial future, one goal at a time— start saving in just one tap with eTap.

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Written by Sophia Era (Copywriter)

Thumbnail by Justin Calleja (Multimedia Designer)